Hi All – Need some advice right now. I am currently in escrow (and have been since last year) on a duplex in Los Angeles, CA. I will be using an FHA loan however both units are occupied. During the early negotiations, the Owner stated that the tenant is willing to move and will move in November of 2020. The tenant kept pushing the November 2020 date back and now here we are, March 2021. The Owner even offered the tenant a couple thousand dollars to leave. A few months later and now the tenant is being non-responsive.
Is the only option to wait for the moratorium to end in June and evict? Or are there other options that I can recommend to the Owner / Agent?
If you are in escrow at last years prices with a duplex in a good area of LA, and you don have to take on the responsibility of a tenant.. sounds like patience is your game here. No harm in shopping around for other options while you are at it.
Great work not closing and taking on the tenant! I would wait on the owner to deliver vacant and if they can't move on to another deal. This is the value of buying SFH instead of 2-4 units in LA. I would not recommend closing on any property with under market tenant-occupied property as an individual/novice landlord.